Affordable Housing: FG votes N100bn for Family Homes Fund — Osinbajo

The acting President, Prof. Yemi Osinbajo, says the Federal Government has earmarked N100 billion for the Family Homes Fund under its Social Investment Programme (SIP). This he stated at the 2nd year commemorative event of the Federal Government of Nigeria under President Muhammadu Buhari, which showcased the achievements of the SIP, in Abuja. At the event titled “A Smile For Every Nigerian’’, the Acting President stated that the Fund is an aspect of the SIP that was not mentioned. “There is also an aspect of this SIP that has not been mentioned; this is N100b set aside for the FAMILY HOMES FUND, our Social Housing Project. “The N100b is a yearly contribution to our N1 trillion Social Housing fund. This is the largest in the history of the country“. The World Bank, AFDB, are contributors to the fund. “From this fund, developers of real estates for social housing will borrow 80 percent of the cost of project and counter fund with their own 20 percent. “The same fund will enable us to provide inexpensive mortgages for hundreds of thousands across the country who want to own homes on their own”. “Anyone who can afford N30,000.00 a month will be able to buy a home under our new social housing fund scheme.’’ According to him, the Family Homes Fund is expected to start immediately and rapidly expand construction across the country. Though complicated and diverse in scale and scope, Osinbajo stated that the SIP is clearly one of the largest social intervention efforts anywhere in the world. He, however, expressed the government’s pride in the men and women led by the SA on Social investments, Mrs Maryam Uwais, who he said, had dedicated so much time, resources and energy to deliver on it. While reacting to the praises made about the SIP from the beneficiaries, the Acting President said; “You deserve this programme because you are citizens of this country; this country can provide and we will provide for all those who need the help’’. Established in September, 2016, The Family Homes Fund (“the Fund”) is an innovative private sector driven financing solution to Nigeria’s housing challenges.  There is an estimated housing deficit of 17 million units which increases by 900,000 units per annum. The Fund operates as a Public Private Partnership and targets to raise ₦1 trillion, starting with ₦500 billion which was approved by the National Executive Council in September, 2016.